4 Business Management Consulting Trends of 2018 You Should be Aware of
The business management consulting industry is changing at a rapid pace owing to various factors. For instance, emerging technology and changes in culture and outlook are redefining management consulting. These and other factors are also setting trends that most management consulting firms are embracing to survive and thrive. Four trends in particular stand out from the rest, and every firm in the industry should be aware of them.
1. Digitization and Integration of New Technology
Technology is advancing at an unprecedented pace and infiltrating many businesses in diverse industries. It is automating many roles including some leadership and management tasks. For some firms, this is considered a growing problem that may limit their capabilities in the near future. Smart firms, however, realize that technology cannot be stopped – consequently, they also realize that the best option is to embrace this technology and make the most out of it.
As such, digitization and use of technology is one of the top trends in the management consulting industry. Many firms are offering technology-related services and even designing programs to aid in management and leadership.
2. Emergence of Small Consulting Firms
The management consulting industry is dominated by countable firms that have grown exponentially over the years. However, small upcoming firms do exist, and they are coming up at a faster pace nowadays compared with the past. Most of these small and upcoming firms first ventured into the market in the 2000’s when market conditions were ideal, and they are showing good prospects of growth.
However, market conditions are changing and it is becoming increasingly difficult for new firms to venture into the market and grow big enough to not only thrive but also survive.
3. Management Based on Science
Good managers are not always easy to come by as leadership seems to be an art and talent that should mostly come naturally. In fact, most top managers naturally possess leadership skills that are simply polished and improved through learning and experience. However, this is also changing as most clients adopt a results-driven outlook. They can no longer entirely trust their managers with leadership and need to know on what basis managers make their decisions, what is expected of these decisions, and proof that things will go as expected.
As such, management is quickly shifting from an art to a science, and this is necessitating a lot of skill development and cultivation on the part of business management consulting firms.
4. Growth of Business Intelligence Services
There are several factors that are driving the growth of business intelligence services. For starters, the internet has made it easier to access information and advances made in technology have automated some tasks. Demand for management consulting services is also increasing. Amidst all this, business intelligence is becoming increasingly popular as it helps with marketing, sourcing, finance, customer management, and risk offerings, among other services. This trend has been growing since 2010 and is mostly embraced by the major management consulting firms and has accelerated over the past few years as technology makes it easier to collect and analyze complex data.